COL: PSEi may rebound to 7,500 by year-end

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MANILA, Philippines – Despite lingering geopolitical concerns and market uncertainty, leading online stock brokerage COL Financial is keeping its year-end target of 7,500 for the Philippine Stock Exchange Index (PSEi), maintaining the same bullish outlook outlined at the beginning of the year.

At a media briefing on Monday, COL chief equity strategist April Lynn Tan said the target is based on a recovery in local price-to-earnings multiple to 12 times, which remains below the long-term historical average.

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Tan noted that the local market is currently trading at around nine times earnings, a level she described as very cheap and comparable with valuations seen during the global financial crisis.